Tech earnings reveal a powerful industry taking some licks

This week's earnings reports confirmed that Big Tech companies are taking a hit from a slowing economy — but also that they're still raking in tons of money.Tech companies have been on a decade-long growth jag, creating a generation of investors and workers who are now experiencing their first significant experience of a downturn, layoffs and retrenchment.The iPhone maker was hit by the same macroeconomic pressures and strong dollar that crimped other tech companies' results.

But COVID-19-related disruptions of manufacturing in China also limited supplies of the iPhone 14 Pro and iPhone 14 Pro Max during the quarter., with lower online ad spending on YouTube cited as among the culprits. YouTube advertising was down more than 7% last quarter compared to the same quarter the previous year, causing Alphabet's overall revenue growth for the quarter to drop to just 1% year over year.

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